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JPMorgan joins UK consumer market with new digital bank

As it expands its consumer business overseas.
Image: Christopher Dilts/Bloomberg

JPMorgan Chase & Co. opened its digital retail bank in the UK on Tuesday as it expands its consumer business overseas.

The bank, called Chase, launched with a fee-free current account and plans to add savings and investment accounts along with loans, according to a statement. Chase will also try to tempt new customers with 1% cashback on debit card spending for the first year.

Britain’s consumer-banking market, long dominated by a handful of lenders, has in recent years seen digital startups emerge such as Monzo Bank Ltd. and Starling Bank Ltd. JPMorgan’s Wall Street rival Goldman Sachs Group Inc. brought its online bank, Marcus, to the UK in 2018.

JPMorgan agreed to buy UK digital wealth manager Nutmeg Saving and Investment in June as part of its attempt to build retail services in the country.

Read: TymeBank eyes breakeven next year, Discovery Bank in 2024

© 2021 Bloomberg

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